Evolution1 - a WEX Company: An Industry-Leading Healthcare Financial Technology Platform Provider

Jeff A. Brunsberg, EVP - Healthcare Market Officer

Cloud is a rising trend that has pushed the boundaries of the IT field. Many companies opt to build applications on the cloud to utilize the benefits of simplified access and rapid implementation. Evolution1—a WEX Company is a Fargo, North Dakota— based organization that leverages the cloud benefits to deliver health savings account systems. Being easy to deploy and offering rapid scalability, Evolution1’s cloud-based health savings account system, 1Cloud by Evolution1, allows routine claims to be paid using a consumer—controlled account instead of a fixed health insurance benefit. The company, acquired in July of 2014 by WEX—a leading provider of corporate payment solutions—has helped patients gain more control over their own health budgets. “No one else in the industry provides the single end-to-end consumer experience that Evolution1 does; no one,” said Jeff A. Brunsberg, executive vice president—healthcare market officer, Evolution1.

The firm's flagship product, 1Cloud,offers a single end-to-end user experience for administering reimbursement accounts in an intuitive manner for consumers. The platform has been developed to serve health plans, third-party administrators, financial institutions, exchange partners, and payroll providers that offer healthcare and other reimbursement account services such as Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), Health Savings Accounts (HSAs), and Voluntary Employee Beneficiary Associations (VEBAs). “In addition, it also supports dependent care, defined contribution, and wellness and transit accounts along with custodial banking services,” says Brunsberg.The platform also supports wellness and Incentive Plans and Commuter Benefits Plans like transit and parking. With intuitive web-portals for administrators, employers, consumers, the platform can be accessed round the clock and helps in delivering powerful insights to clients. “The underlying premise of our offerings is that consumers are given control over their healthcare expenses, they will make better and more informed use of their resources,” says Brunsberg.

No one else in the industry provides the single end-to-end consumer experience that Evolution1 does; no one

Another offering from Evolution1 is 1Mobile by Evolution1®. The solution enables consumers to view their current account details, submit healthcare account claims, and save and send receipts anytime. The solution is supported on iOS, Android, and Windows devices. 1Mobile’s single end-to-end user experience, along with the features and functionality that enable consumers to effectively manage their healthcare budgets, has been well-received. In fact, the number of users has doubled in the past two years.

New functionality enables consumers to initiate HSA transactions on the go—anytime and anywhere— with 1Mobile. The updated version includes a new “HSA Transaction” button that quickly and easily enables consumers to conveniently make HSA distributions and contributions. When distributing funds from their HSA, consumers can pay themselves to an established bank account, or they can pay someone else, such as a provider. For contributions, consumers may use 1Mobile to initiate a funds transfer from a personal bank account into their HSA.

For the future, Evolution1 aims to continue its cloud-based healthcare reimbursement account administration services through its easy-to-use web portals and convenient mobile access. “Our solutions ultimately help consumers become more engaged in their healthcare by enabling them to make more informed decisions on healthcare spending,” concludes Brunsberg. “Together with our partners, this is what we do day in and day out: simplify the business of healthcare.”

Company
Evolution1 - a WEX Company

Headquarters
Fargo, ND

Management
Jeff A. Brunsberg, EVP - Healthcare Market Officer

Description
An industry-leading healthcare financial technology platform provider.